经济观察报·2025-12-19 12:43Core Viewpoint - The rising silver prices have made silver paste the largest cost component in photovoltaic (PV) modules, surpassing silicon materials and glass [1][6]. Group 1: Cost Structure of Photovoltaic Modules - As of December 2025, silver paste is projected to account for 17% of the total cost of PV modules, while silicon materials and glass will account for 14% and 13%, respectively [1][6]. - The recent surge in silver prices has prompted leading PV manufacturers to increase module prices, with Longi Green Energy raising prices by 0.04 CNY/W for N-type modules and 0.02 CNY/W for BC modules [2][3]. Group 2: Market Dynamics and Price Adjustments - The price adjustments come during a year-end sales push, where manufacturers initially aimed to increase sales volume by lowering prices, but the unexpected rise in silver prices forced an earlier price hike [3][4]. - The current market price for PV modules is approximately 0.75 CNY/W following these adjustments [3]. Group 3: Industry Responses to Silver Price Increases - Manufacturers are attempting to mitigate the impact of rising silver prices by optimizing the silver content in silver paste and exploring alternative materials, although significant reductions in silver usage are limited due to quality assurance [6]. - The development of silver-coated copper technology is ongoing but not yet ready for large-scale application [6]. Group 4: Future Outlook and Recommendations - Analysts suggest that companies should enhance supply chain management to reduce the impact of raw material price fluctuations and consider entering the component recycling business to lower costs [7]. - Predictions indicate that PV module prices may continue to rise, potentially reaching between 0.88 CNY/W and 0.99 CNY/W next year, driven by the need for profitability across the supply chain [7].